The Alternative Remedies Guide

For those looking for quality office space, Claremont Office Design is a name which has been has been synonymous with quality office design and interiors. For companies looking for office space, it seems London’s commercial area known as The City is cheaper now, than it has been in fifteen years, which Claremont believes will boost its business.

According to figures just published in the Investment Property Databank, office rents have plummeted since 2008. Malcolm Frodsham is the director of research for the IPD and he believes the sharp downturn is also due to leases being “shorter and more flexible”.

Only last year, The City was ranked number three, behind Moscow and London’s West End, as the most expensive office rental rates within Europe. Today, The City has dropped to a humble sixth place, behind Dublin, who managed to keep fifth position despite a drop of 10%.

Figures released from research by Oncor International property consultants and NB Real Estate reveals almost a forty percent drop in the city’s ‘The Square Mile‘. Even London’s West End, always favoured by the famous ‘Hedge Funds’, has experienced a massive 45% fall. Canary Wharf, another of London’s famous commercial office districts, was not included in the research.

James Crisp, research director for NB Estates believes this could be a mixed blessing for the city, with new, lower office rates making them more competitive. Crisp also stated that the dramatic downturn in rates had almost certainly been exacerbated by “the collapse in sterling weighed against the Euro”. Regardless, the UK financial crisis seems set to work through the whole of the country’s economy.